By Summer Salinas on October 09 2018 04:11:41
Conclusion: You will enjoy a lot of flexibility while using the budget spreadsheet software and its the best way that can enable you control your expenditure. You can easily obtain it for free hence giving you the freedom to track your expenditure on weekly or monthly basis. Since it can be used with the conventional Microsoft office software, you will find it very useful in the long term.
Producing an income and expenditure statement using single entry bookkeeping is little more than making two lists of financial transactions. Those lists being one of sales income received from sales invoices or receipts issued to customers and the other of purchase expenditure being from purchase invoices received from suppliers. To record sales income it would not normally be sufficient to simply add up the total of the invoices as such a summation does not leave an audit trail of the items which have been included. A written list of sales invoices does provide an audit trail.
Less financial control is often required from small business accounting software as the bookkeeper is often the owner manager who already has an intimate knowledge of each transaction. Books are still required for tax purposes and a solid requirement of preparing a set of financial books for tax purposes is that each entry is supported by third party evidence. Examples of third party evidence would be sales invoices, purchases invoices and bank statements. Financial transactions where no receipt exists can still be entered in the business books although all transactions not carrying third party evidence could subsequently be disallowed for tax purposes and certainly would be if the amounts entered indicated unusual income or expenditure.
Many people would love to simplify their budgeting process. However, since many cannot use the Excel worksheet, there has been a desire to have an easily available and user friendly budgeting spreadsheet that would enable you budget with ease. Many versions of these spreadsheets are available and can easily be used with Microsoft Office such as Excel hence making it easy for many people.
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